Cloud Computing Outlook

ApexEdge Introduces Actionable Intelligence Enablement Platform

By Cloud Computing Outlook | Monday, November 09, 2020

ApexEdge empowers financial institutions and credit unions to become real advocates for their customers and members by going beyond merely providing money-saving recommendations to generating savings on their behalf.  

FREMONT, CA: ApexEdge, a partner-enablement platform, offers monthly bill and subscription management solutions, launched its solutions portfolio to the banking market. ApexEdge empowers financial institutions and credit unions to become real advocates for their customers and members by going beyond merely providing money-saving recommendations to generating savings on their behalf. The platform uses actionable intelligence to identify and pursue savings opportunities through the negotiation and cancellation of monthly service bills and subscriptions offered through either a referral or wholesale model.

Data reveals that more than 80 percent of U.S. consumers overpay on monthly bills and can make significant savings by renegotiating routine services bills or canceling recurring subscription fees. However, the real challenge lies in navigating biller contacts, processes, and pricing plus creating the time to do so. Identifying this market opportunity, ApexEdge has developed its secure, SOC II-certified, modular platform to assist financial institutions in providing this value-added service, as well as ongoing personal financial management (PFM) tool support, to their customers.

The ApexEdge platform provides four key services for FI customers:

Negotiate – negotiation of lower monthly services bill rates without changing the service;

Cancel – the cancellation of unused, unwanted, and "phantom" auto-renewing subscriptions and memberships;

Enhance – negotiation of credits or refunds when service outages occur, overages are billed, or services go unused; and

Protect – demand erasure of customer's personal information and data footprints retained by providers.

From a go-to-market standpoint, the platform is built on AWS serverless architecture and can be easily launched by banks and credit unions via APIs. The modularity of the platform gives financial institutions the flexibility to select the mode of deployment of the service to customers and members.

Through a robust partner portal, banks and credit unions gain access to a wealth of information to drive their return on investment in ApexEdge and obtain access to valuable data insights, which can then be leveraged to support highly relevant marketing and cross-selling campaigns.

"In today's consumer banking environment, financial institutions find themselves under increasing pressure – from large competitors to emerging fintechs – to remain relevant to their customers and protect their position as primary partners in their financial well-being," said Steven McKean, CEO, ApexEdge. "With this in mind, we have designed our platform with banks' business needs in mind. By leveraging the proven results of Billshark, banks benefit from access to truly actionable data insights and the flexibility that our secure, modular design and use of APIs enables. Through the ApexEdge platform, bankers are strengthening their relationships with customers in a meaningful way that delivers tangible value to institutions and consumers alike."

Weekly Brief